Crypto markets: Cryptocurrencies have appreciated mightily over the past week in the context of a broader recovery of the risk asset market. Bitcoin has climbed back above $24k, there has been an across the board appreciation across digital currencies. In general, since the beginning of the year, virtual coins have moved in tandem with traditional…
Fundamentals and expected events: week 30 Crypto markets: Positive sentiment in the cryptocurrency market plunged after Tesla sold 75% of its reserves held in Bitcoin, equivalent to about $936 million. The major cryptocurrency has fallen below $23,000 and Ethereum below $1,500. Minecraft developers Mojang Studios banned NFT token integrations in their wildly popular game. The…
Fundamentals and expected events: week 27 Crypto markets:Bitcoin briefly dipped below the $19,000 mark during last week. The correlation with equity markets and risk assets is more than obvious. Bitcoin has already lost over 55% this year and is down 70% from its all-time high last year. The latest wave of sell-offs means a reduction…
Fundamentals and expected events: week 26 Crypto markets:After bottoming at $17,500 last Sunday, an 18-month low, the primary cryptocurrency began its recovery on Monday and quickly reclaimed the coveted $20,000 line. It dipped below a few times in the next couple of days but stood north of it for longer periods. Similar to Bitcoin, most…
Fundamentals and expected events: week 25 Crypto markets: The previous week was a very bad one for the cryptocurrency markets, as the digital asset market was hit by a wave of major sell-offs. Bitcoin lost over 30% in a single weekend, dropping as low as below $20,000 over the weekend. Altcoins were mostly even worse…
News in brief Stocks in the United States mostly fell ahead of the expected rise in US interest rates, with only technology titles managing to recover from losses. The U.S. central bank’s monetary policy committee is expected to announce an interest rate hike at the end of its two-day meeting on Wednesday. Initial estimates were…
Fundamentals and expected events: week 24 Crypto markets: On Friday, the US inflation report (a record 8.6% year-on-year increase) kicked off the decline of Bitcoin, which first dropped from $30,000 to $29,000 in a matter of hours. What happened (and is still happening) in the next few days, however, is considerably steeper. Bitcoin’s freefall intensified…
News in brief Data from the U.S. indicated higher than expected inflation, which caused Wall Street to dive in red numbers. Technological companies reported the worst dive since this January. Stronger-than-estimated inflation data raised concerns about a possible economic recession, which was supported by a stronger-than-expected drop in consumer confidence. By contrast, the Russian ruble…
News in brief The European Central Bank intends to raise its base rate by a quarter of a percentage point in July and expects to take a further step in this direction in September. The ECB also raised its inflation estimates today and lowered its GDP estimates. Most stocks will have an extremely difficult road…
News in brief European markets lost significantly today. Investors paid attention to the OECD’s downgrade of its outlook for this year and are also looking with considerable anticipation to tomorrow’s ECB rate decision and the overall tone of monetary policy, and then to Friday’s US inflation. The ECB is expected to start actually tightening the…
